Dish TV India Ltd. share price target

Weak quarter; Pinned hopes of demand recovery in Q4 Dish TV India Ltd (Dish TV), part of the Essel Group, is one of India's largest DTH operators with a net subscriber base of 15.3mn, as on 31 Dec, 2016. Dish TV has...

Revenue fell by 4.45% to Rs. 741.74 Cr in Q3FY17 when compared to the previous quarter. Also, it fell by 3.51% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research Dish TV reported its Q3FY17 numbers with revenues at | 748.0 crore, down 3.0% YoY, lower than our expectation of | 786.1 crore. ARPU came in at | 152 vs. | 162 in Q2FY17 (lower than our expectation | 160), resulting in subscription revenues at | 692.1 crore lower than expectations of | 732.2 crore. Subscriber addition was lower at 0.20 million (mn) (I-direct estimate: 0.24 mn) as there were few additions in the post demonetisation period and recharges were deferred. The net subscriber base was at 15.3 mn at the end of the quarter...

Dish TV Videocon will issue 85.78 crore (worth | 7500 crore as on November 11, closing price) fresh shares as consideration to FY18E shareholders of Vd2h wherein shareholders would get 2.02 shares in Dish...

Dish TV reported its Q2FY17 numbers with revenues at | 779.3 crore, up 3.6% YoY, lower than our expectation of | 797.7 crore owing to lower-than-expected subscriber growth. ARPU (like-to-like) during the quarter came in at | 162 vs. | 165 in Q1FY17 (lower than our expectation - | 165), resulting in subscription revenues at | 728.8 crore, lower than expectations of | 747.5 crore. The subscriber addition came in lower-than-expected at 0.26 million (our estimate 0.38 million) but largely in line with other DTH players like Videocon &...

Dish TV reported its Q1FY17 numbers with revenues at | 778.6 crore, up 5.7% YoY, lower than our expectation of | 826.7 crore. The miss on reported revenues was owing to a change in revenue accounting wherein it reported revenues net of entertainment tax vs. gross earlier. ARPU (like-to-like) during the quarter came in at | 174 vs. | 174 in Q4FY16 (our expectation - | 176), resulting in subscription revenues at | 728.2 crore (like to like subscription revenues stood at | 766.9 crore). Muted ARPU, vis--vis peers like Videocon DTH and...

Key highlights: Dish TV missed our revenue estimates due to lowerthanestimated ARPU, but subscriber addition at 0.4mn was in line. EBITDA missed our estimates by 8% due to highercontentcostandhigherpromotionalexpenses.ARPUhasbeenflatforthelastfive...

Adj. revenue/EBITDA disappoints with 125bp margin miss, broader story intact Subscription miss, unfavorable operating leverage lead to EBITDA disappointment: Dish TV (DITV) changed its accounting treatment of entertainment tax from gross to net. Adjusted for accounting changes, 1QFY17 EBITDA grew 1.4% QoQ to INR2.64b (5% below our estimate of INR2.77b). EBITDA miss was primarily led by lower-than-expected adj. subscription revenue and higher-than-expected adj. opex. Adj. revenue miss was primarily on account of lower subscription revenue, which grew 3.5% QoQ to INR7.67b...

1.2% qoq growth in ARPU. However EBITDA missed our estimates by 8% due to higher content cost and higher promotional expenses. On an annual basis, Dish TV's margin and cash flow profile has improved significantly due to (1) increased scale of operations, (2)...

Dish TV reported its Q4FY16 numbers with revenues at | 799.4 crore, up 5.9% YoY, slightly higher than our expectation of | 793.9 crore. ARPU during the quarter came in at | 174 vs. | 172 in Q3FY16 (our...